By Ted Hesson and Kristina Cooke
WASHINGTON (Multibagger) - The Biden administration will not renew a temporary humanitarian entry program for hundreds of thousands of migrants with U.S. sponsors who arrived in recent years, the U.S. Department of Homeland Security said on Friday.
Some 530,000 migrants from Cuba, Haiti, Nicaragua, and Venezuela have entered the U.S. by air since October 2022 and received two-year grants under the "parole" program that will begin to expire in the coming weeks.
However, many of those migrants could remain in the country under other programs.
The parole program allows migrants with existing U.S. sponsors to enter the country for humanitarian reasons or if their entry is deemed a significant public benefit. It will continue to accept new applications from those abroad.
U.S. President Joe Biden's administration launched the parole program as a way to provide migrants avenues to enter legally and decrease illegal crossings at the U.S.-Mexico border. Record numbers of migrants were caught crossing illegally during Biden's presidency, but crossings have plummeted in recent months as Biden rolled out new border restrictions.
Immigration is a top voter issue in the Nov. 5 election that will pit Democratic Vice President Kamala Harris against Republican Donald Trump, who has criticized the parole program.
The decision not to renew the parole program for the four nationalities follows the plan outlined by DHS when the program was launched, spokesperson Naree Ketudat said in a statement.
Migrants without permission to remain in the U.S. "will need to depart the United States prior to the expiration of their authorized parole period or may be placed in removal proceedings," Ketudat said.
Other parole programs for Ukrainians and Afghans have been extended.
Most of the four nationalities allowed entry under the so-called CHNV parole program have avenues to stay in the U.S.
Many Cubans are eligible for permanent residence and eventual citizenship under the 1966 Cuban Adjustment Act.
Most Haitians and Venezuelans in the U.S. are eligible for Temporary Protected Status, which grants them deportation relief and work permits.
All four nationalities could apply for asylum.
Analysis and Impact on Finances:
The Biden administration's decision to end the parole program for migrants from Cuba, Haiti, Nicaragua, and Venezuela could have a significant impact on financial markets and investments. As immigration policies change, it is essential for investors to stay informed about how these changes could affect various industries and sectors.
This decision could potentially impact industries that rely on migrant labor, such as agriculture and hospitality. Changes in immigration policies may also affect consumer spending patterns and overall economic growth. Investors should closely monitor developments in immigration policy to assess potential risks and opportunities in their investment portfolios.
Overall, the end of the parole program for these four nationalities underscores the importance of staying informed about political decisions that could impact financial markets. By understanding the implications of immigration policies, investors can make more informed decisions about their investments and financial futures.